Affordable Housing, Reports and Publications, State News

November Continues Almost Two Year Trend of Declining Year over Year Home Sale Prices

The Warren Group

Single family home sales and condo sales grew by leaps and bounds in November, while median sale prices for both decreased, continuing an almost two year-long trend. According to The Warren Group, 23 out of the last 25 months have seen prices decline or stay flat. Statewide single family home sales jumped 16.4% in November 2015 to 2,210 from 1,899 in November 2014 while single family median home sale prices decreased by 8.4% from $250,000 last November to $229,000 in November 2015.

Median single family home sales price surged by 30.4% in Windham County from $140,000 in November 2014 to $182,500 November 2015. There was a small increase in Fairfield County as well but the median sales price dropped for the remaining counties. Litchfield County had the largest drop, a 10.5% decrease to $199,500 in November 2015 from $223,000 the same time last year. Only Windham County experienced an increase in median YTD single family home sales price, increasing 4.4% from $160,000 November 2014 to $167,000 this year.

Statewide condo sales increased by 8.2% from 534 sold in November 2014 to 578 sales in November 2015. Conversely, the median condo sales price declined 6% to $158,000 in November 2015 from $168,000 in November 2014.

Other than Fairfield County, which barely had a 1% increase in median condo sales price, New London County was the only other county to see an increase. It’s median condo sales price increased by 4.1% to $126,000 in November 2015 from $121,750 from the same time last year. Windham County had the largest median condo price decline with a 13.9% drop from $176,450 last year to $152,000 this year. Despite this, Windham County did not experience a change to its median condo YTD sales price. Of the two counties with median condo YTD sales price increases, New London County had the largest with a 13.6% change from $126,750 in November 2014 to $144,000 November 2015. Tolland County and Litchfield County both saw 16.5% declines in their median condo YTD sales price with Tolland County decreasing from $139,850 to $116,800 and Litchfield County decreasing from $127,000 to $106,000.

Read more at The Warren Group.


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